What's next for tech equity capital markets in a record year for mega-cap IPOs?

2026 marks a historic year for global equity capital markets, with volumes reaching nearly $800 billion year-to-date, driven largely by a surge in IPO activity. Global Head of Tech ECM Eddie Byun highlights that current market depth and investor appetite for generational companies—particularly in AI—support this record-breaking pace. Public markets now offer efficient, high-scale capital access, with recent mega-deals like SpaceX, SK Hynix, Alphabet, and Intel demonstrating strong institutional demand. Market narratives remain dominated by AI infrastructure investment and interest rate trends. While AI capex sustainability depends on recurring revenue growth and GPU rental costs, the long end of the yield curve faces pressure from fiscal imbalances and geopolitical factors. Ultimately, public markets are increasingly viewed as the primary venue for high-growth firms to secure liquidity and scale, with investors showing unprecedented willingness to support future-facing technologies.